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Deed Question

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CHMI Guest	Posted: Mon Jul 04, 2011 3:13 am    Post subject: Deed Question Like 0 Dislike 0 Hi, I own a piece of property, and I have the deed. But I want to buy an existing home, instead of building a new home. Does any bank/lender accept the deed/value of land as part of a down payment on an existing home? Thanks. CHMI _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Mon Jul 04, 2011 10:52 am    Post subject: Like 0 Dislike 0 CHMI, it's possible that you can use the property you own as collateral for a new loan, which would provide you with down payment money. However, the mere existence of a deed isn't sufficient to get a lender interested. Unless and until they are knowledgeable about the value of the property you own, and how much you desire to borrow, that you have a deed is of little consequence. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
Guest	Posted: Mon Jul 04, 2011 1:04 pm    Post subject: Like 0 Dislike 0 Thanks!!
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Jul 04, 2011 8:28 pm    Post subject: Like 0 Dislike 0 Hi CHMI! Welcome to forums! You can use the land as the collateral in order to secure a mortgage. You should contact the lenders who offer land loans and apply for it. Depending upon your financial situation and your credit scores, the lender will let you know whether or not you can qualify for a mortgage. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and get to know whether or not you can get a mortgage. Feel free to ask if you've further queries. Sussane
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Tue Jul 05, 2011 3:48 pm    Post subject: Like 0 Dislike 0 You would need to find a lender who allows blanket loans, or cross collateral loans. You will have one deed of trust to cover both properties. If you defaulted, you would lose both properties. Have you thought to sell the land? _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125

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